Describe the private banking confidentiality obligations.
Liechtenstein banks and other financial intermediaries are subject to the Liechtenstein data protection legislation. Furthermore, there is specifically stipulated banking secrecy that prevents the passing on of information that was obtained owing to a banking relationship and a specific protection of trustee secrecy. Duties of confidentiality may also stem from the contract between service provider and client.Scope
What information and documents are within the scope of confidentiality?
All information that banks and their employees are entrusted with or otherwise obtain owing to the business relationship with a client are subject to the specifically stipulated banking secrecy provisions.Expectations and limitations
What are the exceptions and limitations to the duty of confidentiality?
The fulfilment of a legal obligation to provide information to third parties (eg, to give testimony or information to criminal courts and supervisory bodies as well as provisions regarding cooperation with other supervisory bodies) is not deemed to be a violation of banking secrecy. There is, however, no time limit with regard to banking secrecy.Breach
What is the liability for breach of confidentiality?
The violation of secrecy obligations pursuant to the BankG is punishable by a term of imprisonment of up to three years. If damages are caused by the breach of confidentiality, civil liability may also be incurred.
Law stated dateCorrect on
Give the date on which the information above is accurate.